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2023 (2) TMI 1288 - SCH - Insolvency and BankruptcyMaintainability of petition - Initiation of CIRP - Operational Creditor or not - proceedings before the NCLT are in rem or not - HELD THAT - In order to restore the appeal before the NCLAT this Court must be satisfied that the appellant is in a position to meet the threshold requirement which is imposed by the terms of Section 7 for the initiation of the CIRP. Absent that demonstration the appeal is not allowed at the behest of the appellant and restore the proceedings the effect of which would be to revive the CIRP against the company. In the event that the appellant seeks to invoke the jurisdiction of the NCLT in terms of the provisions of Section 7 of the IBC the appellant would be at liberty to do so in which case the observations in the present order will not stand in its way as any adjudication on the merits or maintainability of such an application. The order of the NCLAT dated 13 December 2022 disposing of the appeal filed by the appellant namely BPTP SPACIO PARK SERENE FLAT ALLOTTES WELFARE ASSOCIATION (BAWA) VERSUS M/S. BPTP LTD. ANR. 2022 (12) TMI 1504 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH NEW DELHI shall not come in the way of the appellant in taking recourse to its remedies before the NCLT in fresh proceedings if so advised. In the alternative since the appellant has a consent decree of the NCDRC it would be at liberty to execute it in accordance with law. The execution proceedings before the NCDRC are expedited and may be taken up for early disposal. Application disposed off.
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